Connor Clark & Lunn Investment Management Ltd. Acquires New Position in Brown & Brown, Inc. $BRO

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Brown & Brown, Inc. (NYSE:BRO) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 174,180 shares of the financial services provider’s stock, valued at approximately $11,174,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of Brown & Brown during the 2nd quarter valued at $1,418,571,000. Norges Bank bought a new position in shares of Brown & Brown in the 4th quarter worth $516,837,000. Capital International Investors bought a new position in shares of Brown & Brown in the 4th quarter worth $371,654,000. Deutsche Bank AG acquired a new stake in shares of Brown & Brown during the second quarter worth $266,941,000. Finally, Van Lanschot Kempen Investment Management N.V. increased its holdings in Brown & Brown by 132.8% in the fourth quarter. Van Lanschot Kempen Investment Management N.V. now owns 4,538,584 shares of the financial services provider’s stock valued at $361,725,000 after purchasing an additional 2,589,048 shares during the last quarter. 71.01% of the stock is owned by institutional investors.

Brown & Brown Trading Down 0.7%

NYSE BRO opened at $72.79 on Thursday. Brown & Brown, Inc. has a one year low of $53.81 and a one year high of $97.49. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11. The firm has a market cap of $24.36 billion, a P/E ratio of 22.96, a P/E/G ratio of 3.66 and a beta of 0.59. The stock’s 50-day moving average is $68.52 and its 200-day moving average is $65.76.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.01). Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the prior year, the firm posted $1.03 earnings per share. Brown & Brown’s revenue for the quarter was up 30.4% compared to the same quarter last year. Sell-side analysts anticipate that Brown & Brown, Inc. will post 4.5 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th were issued a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Wednesday, August 12th. Brown & Brown’s dividend payout ratio is 20.82%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Weiss Ratings upgraded Brown & Brown from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, August 19th. Truist Financial set a $90.00 price target on shares of Brown & Brown in a research report on Wednesday, July 29th. JPMorgan Chase & Co. lifted their price objective on shares of Brown & Brown from $78.00 to $80.00 and gave the stock a “neutral” rating in a research note on Monday, August 3rd. BMO Capital Markets boosted their price objective on shares of Brown & Brown from $73.00 to $74.00 and gave the company a “market perform” rating in a report on Wednesday, July 29th. Finally, Citizens Jmp upped their target price on shares of Brown & Brown from $70.00 to $78.00 and gave the company a “market outperform” rating in a research note on Friday, July 10th. Four analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Brown & Brown presently has a consensus rating of “Hold” and an average target price of $76.80.

Brown & Brown Company Profile

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.